IPO market in musical-chairs shuffle

Texas Capital IPO bumped from Tuesday debut

By

SteveGelsi

NEW YORK (CBS.MW) - IPO investors face a game of musical chairs this week as five offerings dance around with none yet willing to settle down as the market plays a mournful tune.

A $66 million initial public offering from Texas Capital Bancshares was bumped late Monday from its Tuesday debut as four others line up for possible debuts. Underwriter Lehman Bros. plans to offer the deal later this week, although no specific day is being floated as of now.

The other contenders include a hefty $379.8 million deal from oil and gas pipeline company Enbridge Energy Management
EEQ, -1.27%
and a $105 million deal from REIT firm Newcastle Investment Corp.
NCT, +3.80%

Also, Coca-Cola Hellenic Bottling Co., the second largest Coca-Cola
KO, -0.74%
bottler in the world, plans to debut shares on the New York Stock Exchange on Thursday. This isn't an IPO, but rather an overseas listing.

Companies slated for IPOs in the last three weeks have all postponed or withdrawn their deals in the face of withering market conditions.

The last IPO by a major underwriter for a stand-alone company was LeapFrog's
LF
deal on July 25. Windrose Medical Properties Trust
WRS
a specialized real estate investment trust, kicked off Aug. 16.

Although no IPOs are jumping into the market right now, others are at least moving through the pipeline in the hope of eventual debuts.

Houston-based Plains Exploration & Production Co.
PXP, +6.39%
said it plans to price its initial public offering between $12 and $14 per share.

Last week, Plains Exploration said it plans to offer 5 million shares.

It'll raise up to $70 million with underwriter Goldman Sachs
GS, -1.86%
The IPO is expected as early as Oct. 17-18, said AlertIPO.com.

Wynn Resorts
WYNN, -1.34%
said it plans to offer 20.46 million shares at $21 to $23 each in a bid to raise up to $471 million with lead underwriter Deutsche Bank.

The IPO is being offered by Steve Wynn, developer of the Bellagio, to raise money to build a new Las Vegas casino to be called La Reve.

Texas Capital Bancshares

Texas Capital Bancshares is coming public as regional banks enjoy relative strength in the stock market amid a string of recent acquisitions in the sector.

One example is South Financial
TSFG
a collection of regional banks based in Greenville, S.C., that recently announced an acquisition of Central Bank of Tampa.

The Dallas-based bank plans to trade on the Nasdaq under the ticker, "TCBI."

Lehman Bros.
LEH
is lead underwriter, along with U.S Bancorp Piper Jaffray and SunTrust Robinson Humphrey.

The regional bank
TCBI, -2.88%
is expected to price its 6 million shares at $10 to $12 each on Monday for a debut on Tuesday, according to IPO tracking firm Dealogic.

Texas Capital Bancshares rang up net income of $3.4 million and interest income of $32 million in the first six months of the year, compared to net income of $1.7 million and interest income of $36 million in the year-ago period.

Operating out of eight banking centers as well as Texas Capital Bank, and online as BankDirect, the company targets the middle market business and high net worth individual segments of the Texas economy.

As of June 30, it had about $1.3 billion in assets, $945 million in total loans, $980 million in deposits and $118 million in stockholders' equity.

Enbridge deal

Enbridge Energy Management
EEQ, -1.27%
is eyeing up to $379.8 million in proceeds.

The company is a unit of Canadian oil and gas pipeline firm Enbridge Inc.
ENB, -0.10%
which set up Houston-based Enbridge Energy Partners
EEP, -0.21%
to manage its U.S. operations.

Enbridge Energy Management is part of a new type of corporate structure in the oil and gas pipeline business kicked off by Kinder Morgan
KMI, -1.66%

It's a limited liability company formed to manage and control the business and affairs of Enbridge Partners, in the process bringing institutional ownership into the overall energy partnership.

The proceeds in the IPO will be used to acquire a new class of limited partner interests, referred to as "i-units," in Enbridge Partners. Owners will receive dividend payments in the form of additional stock. Shareholders will have limited voting rights and are not entitled to vote to elect directors.

Natural Resource Partners

The Houston-based coal company, which says it ranks No. 2 among U.S. producers with more than 1.15 billion of proven and probable reserves at the end of 2001, is expected to price on Wednesday for trades on Thursday, according to Dealogic.

It'll offer 4.6 million shares at $19 to $21 each.

Natural Resource Partners rang up $21 million in net income on revenue of $47 million last year.

Montpelier Re

Montpelier Re Holdings Ltd.
MRHL, -5.04%
is eyeing up to $200 million in proceeds with underwriters Morgan Stanley, Banc of America, CS First Boston and J.P. Morgan.

The New York-based reinsurance specialist is attempting to price 9.5 million shares at $20 to $22 each.

It's expected to price on Wednesday for Thursday trading.

The company, founded by White Mountains Insurance Group
WTM, +1.67%
and Benfield Group Plc, launched operations in December 2001 with approximately $1 billion of capital.

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